As eurozone countries busy themselves implementing liquidity measures designed to calm market fears about sovereign debt problems in member states, it is clear to anyone watching the drama unfold in Europe that national interests are still dominant, despite the fact that member states share a single currency. Although the transition to the single currency in January 1999 went off with barely a hitch, it now appears that the euro has hit a rocky patch. The European Commission has come to the realization that voluntary SEPA migration is not working, and many organizations involved in the project, including the European parliament, banks that have invested heavily in the European Payments Council's Single Euro Payments Area (SEPA) schemes and companies that have yet to migrate to the new payment standards, are calling for the Commission to mandate an end date for full migration to SEPA. The Commission is under increasing pressure from end-user groups to ensure SEPA is a market-led, not a bank-led, project.
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